Fast food value meals aren’t quelling consumer concerns: Poll
- Fast food value meals and discounts aren't winning consumers over
- Low-income Americans opting to cook at home because of inflation
- Gen-Z less likely to see value in fast food options
FILE – A customer pays for their food at the drive-thru of a fast-food restaurant in Los Angeles, April 1, 2024. California’s workplace regulators passed rules that would protect indoor workers from extreme heat. (AP Photo/Damian Dovarganes, File)
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(NewsNation) — Despite an increase in meal deals in recent months, Americans’ perceptions — especially among younger generations — of the value of fast food hasn’t changed within the year.
That’s according to a Morning Consult poll poll, published on Aug. 21. It found the net value for quick service restaurants landed at 44.9 percentage points, consistent with consumer opinion at the start of 2024.
Fast food meal deals not working
That’s in spite of fast-food companies turning up the discounts, with chains like McDonalds launching a $5 Meal Deal, Starbucks introducing a “value menu” and Sonic announcing a $1.99 value menu.
“A variety of QSRs have extended deals and even introduced new ones into the summer of 2024 in an attempt to combat lagging foot traffic and sales,” the report reads. “Unfortunately, these moves have yet to greatly change consumer perceptions of the industry’s value.”
Net value, defined as “the share of respondents who say a particular brand’s products are a good value relative to their cost minus the share who say they are a poor value,” may be stagnant, but there are some upsides for the chains.
Fast food restaurants are outperforming fast casual chains and are banking an increased amount of net purchasing consideration, data found.
The poll analysis posits that the discounts, while not wildly successful, are helping to deepen “the perceived value divide between fast food and fast casual.”
Low-income consumers cook at home
Aside from casual sit-down restaurants, those opting for the comfort — and cost — of their own kitchens are posing a problem to fast food chains.
Low-income Americans, who have historically been the target audience for drive-thru chains, are more likely to cook at home due to inflation.
The poll found that low-income adults who cooked at home, from scratch, at least once a week climbed as inflation did in 2022. That same trend repeated in 2024, when inflation hit a high between February and May.
Gen-Z doesn’t see fast food’s value
Another obstacle for fast-food companies is the newest adults. The above-18 Gen-Z crowd are less likely to classify fast-food restaurants as good value.
They also poll lower in the potential to visit a quick service restaurant, no matter the deal offered.
